{
 "schema": "annalist.findings/0.1",
 "company": "adaro-andalan",
 "snapshot": "FY2025_8b4835c7",
 "as_of": {
  "period": "FY2025",
  "period_end": "2025-12-31",
  "release_date": null,
  "approved": "2026-03-04"
 },
 "findings_version": "0.4",
 "conventions": {
  "ledger": "Append-only: records are never changed or removed; seq gives the order of writing. A thread is one claim of one rule, written <rule>/<claim>.",
  "strength": "Claim polarity times measure. A thread is Strengthened or Weakened when its strength moves by more than the band of its rule, otherwise Confirmed.",
  "states": {
   "New": "The finding is stated for the first time, or again after it was retired.",
   "Confirmed": "The finding still holds and its measure moved by no more than the band of its rule.",
   "Strengthened": "The finding still holds and its measure moved further in the direction the finding states.",
   "Weakened": "The finding still holds and its measure moved back towards the opposite direction.",
   "Retired": "The finding no longer holds: its rule now states another claim, or no longer applies."
  },
  "changes": {
   "initial": "The first record of the rule for the company.",
   "data update": "A later period, from a new report.",
   "restatement": "The same period with different figures, after the company reported them differently.",
   "methodology": "A new method version of the rule.",
   "wording": "A new wording version of the rule, with the same method.",
   "correction": "The same period with different figures after Annalist corrected how it reads the filings; the reason names the correction, and config/corrections.toml lists the earlier records it concerns."
  },
  "basis": {
   "recorded": "Recorded from the snapshot named, after its publication.",
   "reconstructed": "Reconstructed from the figures of the snapshot named, as at the end of the period shown, when the ledger was opened. Figures are as later reported, so restated figures replace the original ones."
  },
  "claims": {
   "higher": "the measure is above its value a year earlier",
   "lower": "the measure is below its value a year earlier",
   "unchanged": "the measure is within rounding of its value a year earlier",
   "stated": "the figure is stated without a comparison",
   "profit_after_loss": "a profit follows a loss in the same period a year earlier",
   "loss": "the latest period shows a loss",
   "positive": "the amount is positive",
   "negative": "the amount is negative",
   "net_debt": "total debt exceeds cash and short-term investments",
   "net_cash": "cash and short-term investments exceed total debt",
   "ahead": "the share of the forecast reached exceeds the share of the year elapsed",
   "behind": "the share of the forecast reached is below the share of the year elapsed",
   "in_line": "the share of the forecast reached equals the share of the year elapsed, within rounding",
   "minimal": "the measure is within the minimal band of the S&P benchmark table",
   "modest": "the measure is within the modest band of the S&P benchmark table",
   "intermediate": "the measure is within the intermediate band of the S&P benchmark table",
   "significant": "the measure is within the significant band of the S&P benchmark table",
   "aggressive": "the measure is within the aggressive band of the S&P benchmark table",
   "highly_leveraged": "the measure is within the highly leveraged band of the S&P benchmark table",
   "covered": "the sources of cash cover the uses",
   "shortfall": "the sources of cash fall short of the uses",
   "cash_backed": "operating cash flow exceeds net income",
   "accrual_led": "net income exceeds operating cash flow",
   "safe_zone": "the score is above the safe threshold of the model",
   "grey_zone": "the score is between the thresholds of the model",
   "distress_zone": "the score is below the distress threshold of the model",
   "below_threshold": "the score is below the threshold of the model",
   "above_threshold": "the score is above the threshold of the model",
   "high_score": "7 or more of the 9 signals are met",
   "middle_score": "4 to 6 of the 9 signals are met",
   "low_score": "3 or fewer of the 9 signals are met"
  }
 },
 "rules": {
  "corp.altman_zone": {
   "version": "1.0",
   "module": "scores",
   "title": "Altman Z'' zone",
   "measure": "Altman Z'' score for the latest fiscal year",
   "band": "0.25 points"
  },
  "corp.beneish_threshold": {
   "version": "1.0",
   "module": "scores",
   "title": "Beneish M-score against its threshold",
   "measure": "Beneish M-score for the latest fiscal year",
   "band": "0.1 points"
  },
  "corp.cash_backing": {
   "version": "2.0",
   "module": "quality",
   "title": "Cash backing of earnings",
   "measure": "net income attributable to the company less operating cash flow, over average total assets, per cent, over 4 quarters or for a fiscal year, whichever ends later",
   "band": "0.5 percentage points"
  },
  "corp.credit_band": {
   "version": "3.0",
   "module": "credit",
   "title": "Debt against the S&P benchmark bands",
   "measure": "lease-adjusted debt to adjusted EBITDA over 4 quarters or for a fiscal year, whichever ends later, with the lease figures that the quarters do not report estimated from the latest fiscal year; where no lease-adjusted value exists, debt to EBITDA on reported figures; a value that ends more than 15 months before the latest quarter end does not count; times; the claim is its band in the S&P standard volatility table",
   "band": "a change of band"
  },
  "corp.free_cash_flow_ttm": {
   "version": "1.2",
   "title": "Free cash flow",
   "measure": "free cash flow over the last 4 quarters, in the reporting currency",
   "band": "5% of the earlier amount"
  },
  "corp.liquidity_cover": {
   "version": "3.0",
   "module": "liquidity",
   "title": "Liquidity cover",
   "measure": "cash, short-term investments and operating cash flow over debt due within 12 months, capital expenditure and dividends, times, over 4 quarters or for a fiscal year, whichever ends later; debt due within 12 months is the larger of the maturity schedule and the current portion of long-term debt; a value that ends more than 15 months before the latest quarter end does not count",
   "band": "10% of the earlier cover"
  },
  "corp.net_debt": {
   "version": "1.1",
   "title": "Net debt or net cash",
   "measure": "total debt less cash and short-term investments at the quarter end, in the reporting currency",
   "band": "5% of the earlier amount"
  },
  "corp.net_income_fy": {
   "version": "1.0",
   "title": "Net income against the previous fiscal year",
   "measure": "growth of net income attributable to the company for the fiscal year against the previous fiscal year, per cent; where either year shows a loss, the net income of the latest fiscal year",
   "band": "1.0 percentage point for growth; 5% of the earlier amount for amounts"
  },
  "corp.operating_margin_ttm": {
   "version": "1.1",
   "title": "Operating margin against a year earlier",
   "measure": "change of the operating margin over the last 4 quarters against a year earlier, percentage points",
   "band": "0.2 percentage points"
  },
  "corp.piotroski_score": {
   "version": "1.0",
   "module": "scores",
   "title": "Piotroski F-score",
   "measure": "Piotroski F-score for the latest fiscal year, of 9",
   "band": "less than 1 point"
  },
  "corp.revenue_fy": {
   "version": "1.0",
   "title": "Revenue against the previous fiscal year",
   "measure": "growth of revenue for the fiscal year against the previous fiscal year, per cent",
   "band": "1.0 percentage point"
  },
  "corp.roe_ttm": {
   "version": "1.1",
   "title": "Return on equity against a year earlier",
   "measure": "change of return on equity over the last 4 quarters against a year earlier, percentage points",
   "band": "0.5 percentage points"
  }
 },
 "corrections": [
  {
   "company": "adaro-andalan",
   "date": "2026-10-28",
   "text": "Annalist left out the senior notes and the loans that the statements of Adaro Andalan print below the headings of the portions of long-term debt, and did not capture its depreciation and amortisation or its capital expenditure. Long-term debt at 31 December 2025 was US$0.34 billion against US$0.76 billion with the loans from related and third parties, and current debt at 31 December 2023 left out senior notes of US$697 million. Records 4, 13, 16, 24 and 28 cite figures that the correction changed. Records 30 to 40 state the corrected findings, among them net cash of US$99 million at 31 December 2025 and lease-adjusted debt of 0.7 times adjusted EBITDA for fiscal 2025; records 30 to 35 are reconstructed from the corrected snapshot.",
   "records": [
    4,
    13,
    16,
    24,
    28,
    30,
    31,
    32,
    33,
    34,
    35,
    36,
    37,
    38,
    39,
    40
   ]
  },
  {
   "company": "adaro-andalan",
   "date": "2026-10-29",
   "text": "Annalist did not capture the finance costs of Adaro Andalan, which its statements of profit or loss print as \"Biaya keuangan\", US$58.6 million for fiscal 2025, so its interest cover and funds from operations were missing. Record 41 restates the finding of record 38 with funds from operations of 109.2% of lease-adjusted debt for fiscal 2025, within the minimal band of the S&P standard volatility table.",
   "records": [
    38,
    41
   ]
  },
  {
   "company": "adaro-andalan",
   "date": "2026-10-29",
   "text": "Annalist did not capture the interest paid of Adaro Andalan, which its statement of cash flows prints as \"Pembayaran biaya keuangan\", US$72.3 million for fiscal 2025. Its funds from operations deducted its finance costs of US$58.6 million in place of the interest it paid. Record 42 restates record 41 with funds from operations of 107.6% of lease-adjusted debt for fiscal 2025, against 109.2%.",
   "records": [
    41,
    42
   ]
  }
 ],
 "threads": {
  "corp.revenue_fy/stated": {
   "rule": "corp.revenue_fy",
   "claim": "stated",
   "state": "Retired",
   "since": "FY2023",
   "active": false,
   "records": [
    1,
    6
   ]
  },
  "corp.net_income_fy/stated": {
   "rule": "corp.net_income_fy",
   "claim": "stated",
   "state": "Retired",
   "since": "FY2023",
   "active": false,
   "records": [
    2,
    8
   ]
  },
  "corp.operating_margin_ttm/stated": {
   "rule": "corp.operating_margin_ttm",
   "claim": "stated",
   "state": "Retired",
   "since": "FY2023",
   "active": false,
   "records": [
    3,
    10
   ]
  },
  "corp.net_debt/net_cash": {
   "rule": "corp.net_debt",
   "claim": "net_cash",
   "state": "Weakened",
   "since": "FY2023",
   "active": true,
   "records": [
    4,
    13,
    24,
    37
   ]
  },
  "corp.altman_zone/safe_zone": {
   "rule": "corp.altman_zone",
   "claim": "safe_zone",
   "state": "Confirmed",
   "since": "FY2023",
   "active": true,
   "records": [
    5,
    15,
    27
   ]
  },
  "corp.revenue_fy/lower": {
   "rule": "corp.revenue_fy",
   "claim": "lower",
   "state": "Weakened",
   "since": "FY2024",
   "active": true,
   "records": [
    7,
    17
   ]
  },
  "corp.net_income_fy/higher": {
   "rule": "corp.net_income_fy",
   "claim": "higher",
   "state": "Retired",
   "since": "FY2024",
   "active": false,
   "records": [
    9,
    18
   ]
  },
  "corp.operating_margin_ttm/higher": {
   "rule": "corp.operating_margin_ttm",
   "claim": "higher",
   "state": "Retired",
   "since": "FY2024",
   "active": false,
   "records": [
    11,
    20
   ]
  },
  "corp.roe_ttm/stated": {
   "rule": "corp.roe_ttm",
   "claim": "stated",
   "state": "Retired",
   "since": "FY2024",
   "active": false,
   "records": [
    12,
    22
   ]
  },
  "corp.cash_backing/accrual_led": {
   "rule": "corp.cash_backing",
   "claim": "accrual_led",
   "state": "Retired",
   "since": "FY2024",
   "active": false,
   "records": [
    14,
    25
   ]
  },
  "corp.beneish_threshold/below_threshold": {
   "rule": "corp.beneish_threshold",
   "claim": "below_threshold",
   "state": "Confirmed",
   "since": "FY2024",
   "active": true,
   "records": [
    16,
    28,
    40
   ]
  },
  "corp.net_income_fy/lower": {
   "rule": "corp.net_income_fy",
   "claim": "lower",
   "state": "New",
   "since": "FY2025",
   "active": true,
   "records": [
    19
   ]
  },
  "corp.operating_margin_ttm/lower": {
   "rule": "corp.operating_margin_ttm",
   "claim": "lower",
   "state": "New",
   "since": "FY2025",
   "active": true,
   "records": [
    21
   ]
  },
  "corp.roe_ttm/lower": {
   "rule": "corp.roe_ttm",
   "claim": "lower",
   "state": "New",
   "since": "FY2025",
   "active": true,
   "records": [
    23
   ]
  },
  "corp.cash_backing/cash_backed": {
   "rule": "corp.cash_backing",
   "claim": "cash_backed",
   "state": "New",
   "since": "FY2025",
   "active": true,
   "records": [
    26
   ]
  },
  "corp.piotroski_score/middle_score": {
   "rule": "corp.piotroski_score",
   "claim": "middle_score",
   "state": "New",
   "since": "FY2025",
   "active": true,
   "records": [
    29
   ]
  },
  "corp.free_cash_flow_ttm/positive": {
   "rule": "corp.free_cash_flow_ttm",
   "claim": "positive",
   "state": "Confirmed",
   "since": "FY2023",
   "active": true,
   "records": [
    30,
    33,
    36,
    43
   ]
  },
  "corp.credit_band/minimal": {
   "rule": "corp.credit_band",
   "claim": "minimal",
   "state": "Confirmed",
   "since": "FY2023",
   "active": true,
   "records": [
    31,
    34,
    38,
    41,
    42
   ]
  },
  "corp.liquidity_cover/covered": {
   "rule": "corp.liquidity_cover",
   "claim": "covered",
   "state": "Weakened",
   "since": "FY2023",
   "active": true,
   "records": [
    32,
    35,
    39
   ]
  }
 },
 "records": [
  {
   "seq": 1,
   "company": "adaro-andalan",
   "thread": "corp.revenue_fy/stated",
   "rule": "corp.revenue_fy",
   "rule_version": "1.0",
   "claim": "stated",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": null,
    "unit": "%"
   },
   "band": [
    "abs",
    1.0
   ],
   "strength": null,
   "text": "Revenue for the fiscal year ended 31 December 2023 was US$5.9 billion.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "pl_annual/FY2023/revenue",
     "value": 5915408000.0,
     "sources": [
      "AR:adaro-andalan-2024-12-31"
     ]
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 2,
   "company": "adaro-andalan",
   "thread": "corp.net_income_fy/stated",
   "rule": "corp.net_income_fy",
   "rule_version": "1.0",
   "claim": "stated",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": 1143810000.0,
    "unit": "USD"
   },
   "band": [
    "rel",
    0.05
   ],
   "strength": null,
   "text": "Net income attributable to the company for fiscal 2023 was US$1.1 billion.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "pl_annual/FY2023/net_income",
     "value": 1143813000.0,
     "sources": [
      "AR:adaro-andalan-2024-12-31"
     ]
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 3,
   "company": "adaro-andalan",
   "thread": "corp.operating_margin_ttm/stated",
   "rule": "corp.operating_margin_ttm",
   "rule_version": "1.1",
   "claim": "stated",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": null,
    "unit": "pp"
   },
   "band": [
    "abs",
    0.2
   ],
   "strength": null,
   "text": "The operating margin for fiscal 2023 was 23.5%.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.operating_margin/annual/FY2023",
     "value": 23.520930424410285,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 4,
   "company": "adaro-andalan",
   "thread": "corp.net_debt/net_cash",
   "rule": "corp.net_debt",
   "rule_version": "1.1",
   "claim": "net_cash",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": -2343680000.0,
    "unit": "USD"
   },
   "band": [
    "rel",
    0.05
   ],
   "strength": 2343680000.0,
   "text": "Cash and short-term investments exceeded total debt by US$2.3 billion at 31 December 2023.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.net_debt/annual/FY2023",
     "value": -2343678000.0,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 5,
   "company": "adaro-andalan",
   "thread": "corp.altman_zone/safe_zone",
   "rule": "corp.altman_zone",
   "rule_version": "1.0",
   "claim": "safe_zone",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": 5.75479,
    "unit": "score"
   },
   "band": [
    "abs",
    0.25
   ],
   "strength": 5.75479,
   "text": "The Altman Z'' score for fiscal 2023 was 5.75, above the safe threshold of 2.60.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.altman_z2/annual/FY2023",
     "value": 5.754785417568259,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 6,
   "company": "adaro-andalan",
   "thread": "corp.revenue_fy/stated",
   "rule": "corp.revenue_fy",
   "rule_version": "1.0",
   "claim": "stated",
   "state": "Retired",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": null,
   "band": [
    "abs",
    1.0
   ],
   "strength": null,
   "text": null,
   "reason": "The rule corp.revenue_fy now states the claim lower.",
   "successor": "lower",
   "figures": [],
   "basis": "reconstructed",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 7,
   "company": "adaro-andalan",
   "thread": "corp.revenue_fy/lower",
   "rule": "corp.revenue_fy",
   "rule_version": "1.0",
   "claim": "lower",
   "state": "New",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": {
    "value": -10.0724,
    "unit": "%"
   },
   "band": [
    "abs",
    1.0
   ],
   "strength": 10.0724,
   "text": "Revenue for the fiscal year ended 31 December 2024 was US$5.3 billion, 10.1% lower than in the previous fiscal year.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "pl_annual/FY2024/revenue",
     "value": 5319582000.0,
     "sources": [
      "AR:adaro-andalan-2025-12-31"
     ]
    },
    {
     "ref": "pl_annual/FY2023/revenue",
     "value": 5915408000.0,
     "sources": [
      "AR:adaro-andalan-2024-12-31"
     ]
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 8,
   "company": "adaro-andalan",
   "thread": "corp.net_income_fy/stated",
   "rule": "corp.net_income_fy",
   "rule_version": "1.0",
   "claim": "stated",
   "state": "Retired",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": null,
   "band": [
    "rel",
    0.05
   ],
   "strength": null,
   "text": null,
   "reason": "The rule corp.net_income_fy now states the claim higher.",
   "successor": "higher",
   "figures": [],
   "basis": "reconstructed",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 9,
   "company": "adaro-andalan",
   "thread": "corp.net_income_fy/higher",
   "rule": "corp.net_income_fy",
   "rule_version": "1.0",
   "claim": "higher",
   "state": "New",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": {
    "value": 5.85629,
    "unit": "%"
   },
   "band": [
    "abs",
    1.0
   ],
   "strength": 5.85629,
   "text": "Net income attributable to the company for fiscal 2024 was US$1.2 billion, 5.9% higher than in the previous fiscal year.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "pl_annual/FY2024/net_income",
     "value": 1210798000.0,
     "sources": [
      "AR:adaro-andalan-2025-12-31"
     ]
    },
    {
     "ref": "pl_annual/FY2023/net_income",
     "value": 1143813000.0,
     "sources": [
      "AR:adaro-andalan-2024-12-31"
     ]
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 10,
   "company": "adaro-andalan",
   "thread": "corp.operating_margin_ttm/stated",
   "rule": "corp.operating_margin_ttm",
   "rule_version": "1.1",
   "claim": "stated",
   "state": "Retired",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": null,
   "band": [
    "abs",
    0.2
   ],
   "strength": null,
   "text": null,
   "reason": "The rule corp.operating_margin_ttm now states the claim higher.",
   "successor": "higher",
   "figures": [],
   "basis": "reconstructed",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 11,
   "company": "adaro-andalan",
   "thread": "corp.operating_margin_ttm/higher",
   "rule": "corp.operating_margin_ttm",
   "rule_version": "1.1",
   "claim": "higher",
   "state": "New",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": {
    "value": 4.32368,
    "unit": "pp"
   },
   "band": [
    "abs",
    0.2
   ],
   "strength": 4.32368,
   "text": "The operating margin for fiscal 2024 was 27.8%, 4.3 percentage points higher than a year earlier.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.operating_margin/annual/FY2024",
     "value": 27.844612603020312,
     "sources": []
    },
    {
     "ref": "ratio/corp.operating_margin/annual/FY2023",
     "value": 23.520930424410285,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 12,
   "company": "adaro-andalan",
   "thread": "corp.roe_ttm/stated",
   "rule": "corp.roe_ttm",
   "rule_version": "1.1",
   "claim": "stated",
   "state": "New",
   "change": "initial",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": {
    "value": null,
    "unit": "pp"
   },
   "band": [
    "abs",
    0.5
   ],
   "strength": null,
   "text": "Return on equity for fiscal 2024 was 32.9%.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.roe/annual/FY2024",
     "value": 32.88026937533767,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 13,
   "company": "adaro-andalan",
   "thread": "corp.net_debt/net_cash",
   "rule": "corp.net_debt",
   "rule_version": "1.1",
   "claim": "net_cash",
   "state": "Weakened",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": {
    "value": -827091000.0,
    "unit": "USD"
   },
   "band": [
    "rel",
    0.05
   ],
   "strength": 827091000.0,
   "text": "Cash and short-term investments exceeded total debt by US$827 million at 31 December 2024.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.net_debt/annual/FY2024",
     "value": -827091000.0,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 14,
   "company": "adaro-andalan",
   "thread": "corp.cash_backing/accrual_led",
   "rule": "corp.cash_backing",
   "rule_version": "2.0",
   "claim": "accrual_led",
   "state": "New",
   "change": "initial",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": {
    "value": 0.188165,
    "unit": "%"
   },
   "band": [
    "abs",
    0.5
   ],
   "strength": 0.188165,
   "text": "Net income attributable to the company for fiscal 2024 exceeded operating cash flow by an amount equal to 0.2% of average total assets.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.cash_flow_accruals/annual/FY2024",
     "value": 0.1881648405500976,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 15,
   "company": "adaro-andalan",
   "thread": "corp.altman_zone/safe_zone",
   "rule": "corp.altman_zone",
   "rule_version": "1.0",
   "claim": "safe_zone",
   "state": "Weakened",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": {
    "value": 4.71187,
    "unit": "score"
   },
   "band": [
    "abs",
    0.25
   ],
   "strength": 4.71187,
   "text": "The Altman Z'' score for fiscal 2024 was 4.71, above the safe threshold of 2.60.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.altman_z2/annual/FY2024",
     "value": 4.7118671925211135,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 16,
   "company": "adaro-andalan",
   "thread": "corp.beneish_threshold/below_threshold",
   "rule": "corp.beneish_threshold",
   "rule_version": "1.0",
   "claim": "below_threshold",
   "state": "New",
   "change": "initial",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": {
    "value": -2.43366,
    "unit": "score"
   },
   "band": [
    "abs",
    0.1
   ],
   "strength": 2.43366,
   "text": "The Beneish M-score for fiscal 2024 was minus 2.43, below the model threshold of minus 1.78.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.beneish_m/annual/FY2024",
     "value": -2.4336555654733876,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 17,
   "company": "adaro-andalan",
   "thread": "corp.revenue_fy/lower",
   "rule": "corp.revenue_fy",
   "rule_version": "1.0",
   "claim": "lower",
   "state": "Weakened",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": -7.69457,
    "unit": "%"
   },
   "band": [
    "abs",
    1.0
   ],
   "strength": 7.69457,
   "text": "Revenue for the fiscal year ended 31 December 2025 was US$4.9 billion, 7.7% lower than in the previous fiscal year.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "pl_annual/FY2025/revenue",
     "value": 4910263000.0,
     "sources": [
      "AR:adaro-andalan-2025-12-31"
     ]
    },
    {
     "ref": "pl_annual/FY2024/revenue",
     "value": 5319582000.0,
     "sources": [
      "AR:adaro-andalan-2025-12-31"
     ]
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 18,
   "company": "adaro-andalan",
   "thread": "corp.net_income_fy/higher",
   "rule": "corp.net_income_fy",
   "rule_version": "1.0",
   "claim": "higher",
   "state": "Retired",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": null,
   "band": [
    "abs",
    1.0
   ],
   "strength": null,
   "text": null,
   "reason": "The rule corp.net_income_fy now states the claim lower.",
   "successor": "lower",
   "figures": [],
   "basis": "recorded",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 19,
   "company": "adaro-andalan",
   "thread": "corp.net_income_fy/lower",
   "rule": "corp.net_income_fy",
   "rule_version": "1.0",
   "claim": "lower",
   "state": "New",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": -37.2166,
    "unit": "%"
   },
   "band": [
    "abs",
    1.0
   ],
   "strength": 37.2166,
   "text": "Net income attributable to the company for fiscal 2025 was US$760 million, 37.2% lower than in the previous fiscal year.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "pl_annual/FY2025/net_income",
     "value": 760180000.0,
     "sources": [
      "AR:adaro-andalan-2025-12-31"
     ]
    },
    {
     "ref": "pl_annual/FY2024/net_income",
     "value": 1210798000.0,
     "sources": [
      "AR:adaro-andalan-2025-12-31"
     ]
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 20,
   "company": "adaro-andalan",
   "thread": "corp.operating_margin_ttm/higher",
   "rule": "corp.operating_margin_ttm",
   "rule_version": "1.1",
   "claim": "higher",
   "state": "Retired",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": null,
   "band": [
    "abs",
    0.2
   ],
   "strength": null,
   "text": null,
   "reason": "The rule corp.operating_margin_ttm now states the claim lower.",
   "successor": "lower",
   "figures": [],
   "basis": "recorded",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 21,
   "company": "adaro-andalan",
   "thread": "corp.operating_margin_ttm/lower",
   "rule": "corp.operating_margin_ttm",
   "rule_version": "1.1",
   "claim": "lower",
   "state": "New",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": -6.6099,
    "unit": "pp"
   },
   "band": [
    "abs",
    0.2
   ],
   "strength": 6.6099,
   "text": "The operating margin for fiscal 2025 was 21.2%, 6.6 percentage points lower than a year earlier.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.operating_margin/annual/FY2025",
     "value": 21.234707794674136,
     "sources": []
    },
    {
     "ref": "ratio/corp.operating_margin/annual/FY2024",
     "value": 27.844612603020312,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 22,
   "company": "adaro-andalan",
   "thread": "corp.roe_ttm/stated",
   "rule": "corp.roe_ttm",
   "rule_version": "1.1",
   "claim": "stated",
   "state": "Retired",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": null,
   "band": [
    "abs",
    0.5
   ],
   "strength": null,
   "text": null,
   "reason": "The rule corp.roe_ttm now states the claim lower.",
   "successor": "lower",
   "figures": [],
   "basis": "recorded",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 23,
   "company": "adaro-andalan",
   "thread": "corp.roe_ttm/lower",
   "rule": "corp.roe_ttm",
   "rule_version": "1.1",
   "claim": "lower",
   "state": "New",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": -8.8712,
    "unit": "pp"
   },
   "band": [
    "abs",
    0.5
   ],
   "strength": 8.8712,
   "text": "Return on equity for fiscal 2025 was 24.0%, against 32.9% a year earlier.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.roe/annual/FY2025",
     "value": 24.00906696169771,
     "sources": []
    },
    {
     "ref": "ratio/corp.roe/annual/FY2024",
     "value": 32.88026937533767,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 24,
   "company": "adaro-andalan",
   "thread": "corp.net_debt/net_cash",
   "rule": "corp.net_debt",
   "rule_version": "1.1",
   "claim": "net_cash",
   "state": "Weakened",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": -521513000.0,
    "unit": "USD"
   },
   "band": [
    "rel",
    0.05
   ],
   "strength": 521513000.0,
   "text": "Cash and short-term investments exceeded total debt by US$522 million at 31 December 2025.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.net_debt/annual/FY2025",
     "value": -521513000.0,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 25,
   "company": "adaro-andalan",
   "thread": "corp.cash_backing/accrual_led",
   "rule": "corp.cash_backing",
   "rule_version": "2.0",
   "claim": "accrual_led",
   "state": "Retired",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": null,
   "band": [
    "abs",
    0.5
   ],
   "strength": null,
   "text": null,
   "reason": "The rule corp.cash_backing now states the claim cash_backed.",
   "successor": "cash_backed",
   "figures": [],
   "basis": "recorded",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 26,
   "company": "adaro-andalan",
   "thread": "corp.cash_backing/cash_backed",
   "rule": "corp.cash_backing",
   "rule_version": "2.0",
   "claim": "cash_backed",
   "state": "New",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": -1.69352,
    "unit": "%"
   },
   "band": [
    "abs",
    0.5
   ],
   "strength": 1.69352,
   "text": "Operating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 1.7% of average total assets.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.cash_flow_accruals/annual/FY2025",
     "value": -1.6935218200222344,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 27,
   "company": "adaro-andalan",
   "thread": "corp.altman_zone/safe_zone",
   "rule": "corp.altman_zone",
   "rule_version": "1.0",
   "claim": "safe_zone",
   "state": "Confirmed",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": 4.5603,
    "unit": "score"
   },
   "band": [
    "abs",
    0.25
   ],
   "strength": 4.5603,
   "text": "The Altman Z'' score for fiscal 2025 was 4.56, above the safe threshold of 2.60.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.altman_z2/annual/FY2025",
     "value": 4.560300705563445,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 28,
   "company": "adaro-andalan",
   "thread": "corp.beneish_threshold/below_threshold",
   "rule": "corp.beneish_threshold",
   "rule_version": "1.0",
   "claim": "below_threshold",
   "state": "Weakened",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": -2.23744,
    "unit": "score"
   },
   "band": [
    "abs",
    0.1
   ],
   "strength": 2.23744,
   "text": "The Beneish M-score for fiscal 2025 was minus 2.24, below the model threshold of minus 1.78.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.beneish_m/annual/FY2025",
     "value": -2.2374391307504546,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 29,
   "company": "adaro-andalan",
   "thread": "corp.piotroski_score/middle_score",
   "rule": "corp.piotroski_score",
   "rule_version": "1.0",
   "claim": "middle_score",
   "state": "New",
   "change": "initial",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": 6.0,
    "unit": "score"
   },
   "band": [
    "abs",
    0.5
   ],
   "strength": null,
   "text": "The Piotroski F-score for fiscal 2025 was 6 of 9. The 3 signals not met were return on assets higher than a year earlier, current ratio higher than a year earlier and margin higher than a year earlier.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.piotroski_f/annual/FY2025",
     "value": 6.0,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_e4e2b4a3",
   "dataset_sha256": "e4e2b4a315dfc70377f26c03ba6975408752b43edcba9536208e67da2b780e3a"
  },
  {
   "seq": 30,
   "company": "adaro-andalan",
   "thread": "corp.free_cash_flow_ttm/positive",
   "rule": "corp.free_cash_flow_ttm",
   "rule_version": "1.1",
   "claim": "positive",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": 346656000.0,
    "unit": "USD"
   },
   "band": [
    "rel",
    0.05
   ],
   "strength": 346656000.0,
   "text": "Free cash flow for fiscal 2023 was US$347 million, and operating cash flow was 0.5 times net income attributable to the company.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.free_cash_flow/annual/FY2023",
     "value": 346656000.0,
     "sources": []
    },
    {
     "ref": "ratio/corp.cash_conversion/annual/FY2023",
     "value": 0.5203700255199057,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_e19905ef",
   "dataset_sha256": "e19905ef2f8abf6388a81ca7fca1f8263bb0fa4b73f7276336c66b04938577e9"
  },
  {
   "seq": 31,
   "company": "adaro-andalan",
   "thread": "corp.credit_band/minimal",
   "rule": "corp.credit_band",
   "rule_version": "3.0",
   "claim": "minimal",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": 0.643333,
    "unit": "x"
   },
   "band": [
    "abs",
    0.0
   ],
   "strength": null,
   "text": "Lease-adjusted debt was 0.6 times adjusted EBITDA for fiscal 2023, within the minimal band of the S&P standard volatility table.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.debt_to_ebitda/annual/FY2023",
     "value": 0.6433327744055803,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_e19905ef",
   "dataset_sha256": "e19905ef2f8abf6388a81ca7fca1f8263bb0fa4b73f7276336c66b04938577e9"
  },
  {
   "seq": 32,
   "company": "adaro-andalan",
   "thread": "corp.liquidity_cover/covered",
   "rule": "corp.liquidity_cover",
   "rule_version": "3.0",
   "claim": "covered",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": 3.09594,
    "unit": "x"
   },
   "band": [
    "rel",
    0.1
   ],
   "strength": 3.09594,
   "text": "Cash, short-term investments and operating cash flow for fiscal 2023 equalled 3.1 times the sum of debt due within 12 months, capital expenditure and dividends.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.liquidity_cover/annual/FY2023",
     "value": 3.095943313822647,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_e19905ef",
   "dataset_sha256": "e19905ef2f8abf6388a81ca7fca1f8263bb0fa4b73f7276336c66b04938577e9"
  },
  {
   "seq": 33,
   "company": "adaro-andalan",
   "thread": "corp.free_cash_flow_ttm/positive",
   "rule": "corp.free_cash_flow_ttm",
   "rule_version": "1.1",
   "claim": "positive",
   "state": "Strengthened",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": {
    "value": 848013000.0,
    "unit": "USD"
   },
   "band": [
    "rel",
    0.05
   ],
   "strength": 848013000.0,
   "text": "Free cash flow for fiscal 2024 was US$848 million, and operating cash flow was 1.0 times net income attributable to the company.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.free_cash_flow/annual/FY2024",
     "value": 848013000.0,
     "sources": []
    },
    {
     "ref": "ratio/corp.cash_conversion/annual/FY2024",
     "value": 0.9898554507027597,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_e19905ef",
   "dataset_sha256": "e19905ef2f8abf6388a81ca7fca1f8263bb0fa4b73f7276336c66b04938577e9"
  },
  {
   "seq": 34,
   "company": "adaro-andalan",
   "thread": "corp.credit_band/minimal",
   "rule": "corp.credit_band",
   "rule_version": "3.0",
   "claim": "minimal",
   "state": "Confirmed",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": {
    "value": 0.937497,
    "unit": "x"
   },
   "band": [
    "abs",
    0.0
   ],
   "strength": null,
   "text": "Lease-adjusted debt was 0.9 times adjusted EBITDA for fiscal 2024, within the minimal band of the S&P standard volatility table.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.debt_to_ebitda/annual/FY2024",
     "value": 0.9374968459512106,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_e19905ef",
   "dataset_sha256": "e19905ef2f8abf6388a81ca7fca1f8263bb0fa4b73f7276336c66b04938577e9"
  },
  {
   "seq": 35,
   "company": "adaro-andalan",
   "thread": "corp.liquidity_cover/covered",
   "rule": "corp.liquidity_cover",
   "rule_version": "3.0",
   "claim": "covered",
   "state": "Strengthened",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": {
    "value": 6.89572,
    "unit": "x"
   },
   "band": [
    "rel",
    0.1
   ],
   "strength": 6.89572,
   "text": "Cash, short-term investments and operating cash flow for fiscal 2024 equalled 6.9 times the sum of debt due within 12 months, capital expenditure and dividends.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.liquidity_cover/annual/FY2024",
     "value": 6.895719238050766,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_e19905ef",
   "dataset_sha256": "e19905ef2f8abf6388a81ca7fca1f8263bb0fa4b73f7276336c66b04938577e9"
  },
  {
   "seq": 36,
   "company": "adaro-andalan",
   "thread": "corp.free_cash_flow_ttm/positive",
   "rule": "corp.free_cash_flow_ttm",
   "rule_version": "1.1",
   "claim": "positive",
   "state": "Weakened",
   "change": "correction",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": 548352000.0,
    "unit": "USD"
   },
   "band": [
    "rel",
    0.05
   ],
   "strength": 548352000.0,
   "text": "Free cash flow for fiscal 2025 was US$548 million, and operating cash flow was 1.1 times net income attributable to the company.",
   "reason": "A correction by Annalist; see the corrections of the company (2026-10-28, 2026-10-29).",
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.free_cash_flow/annual/FY2025",
     "value": 548352000.0,
     "sources": []
    },
    {
     "ref": "ratio/corp.cash_conversion/annual/FY2025",
     "value": 1.130313873030072,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_e19905ef",
   "dataset_sha256": "e19905ef2f8abf6388a81ca7fca1f8263bb0fa4b73f7276336c66b04938577e9"
  },
  {
   "seq": 37,
   "company": "adaro-andalan",
   "thread": "corp.net_debt/net_cash",
   "rule": "corp.net_debt",
   "rule_version": "1.1",
   "claim": "net_cash",
   "state": "Weakened",
   "change": "correction",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": -99305000.0,
    "unit": "USD"
   },
   "band": [
    "rel",
    0.05
   ],
   "strength": 99305000.0,
   "text": "Cash and short-term investments exceeded total debt by US$99 million at 31 December 2025.",
   "reason": "A correction by Annalist; see the corrections of the company (2026-10-28, 2026-10-29).",
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.net_debt/annual/FY2025",
     "value": -99305000.0,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_e19905ef",
   "dataset_sha256": "e19905ef2f8abf6388a81ca7fca1f8263bb0fa4b73f7276336c66b04938577e9"
  },
  {
   "seq": 38,
   "company": "adaro-andalan",
   "thread": "corp.credit_band/minimal",
   "rule": "corp.credit_band",
   "rule_version": "3.0",
   "claim": "minimal",
   "state": "Confirmed",
   "change": "correction",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": 0.707909,
    "unit": "x"
   },
   "band": [
    "abs",
    0.0
   ],
   "strength": null,
   "text": "Lease-adjusted debt was 0.7 times adjusted EBITDA for fiscal 2025, within the minimal band of the S&P standard volatility table.",
   "reason": "A correction by Annalist; see the corrections of the company (2026-10-28, 2026-10-29).",
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.debt_to_ebitda/annual/FY2025",
     "value": 0.7079086387064434,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_e19905ef",
   "dataset_sha256": "e19905ef2f8abf6388a81ca7fca1f8263bb0fa4b73f7276336c66b04938577e9"
  },
  {
   "seq": 39,
   "company": "adaro-andalan",
   "thread": "corp.liquidity_cover/covered",
   "rule": "corp.liquidity_cover",
   "rule_version": "3.0",
   "claim": "covered",
   "state": "Weakened",
   "change": "correction",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": 5.02522,
    "unit": "x"
   },
   "band": [
    "rel",
    0.1
   ],
   "strength": 5.02522,
   "text": "Cash, short-term investments and operating cash flow for fiscal 2025 equalled 5.0 times the sum of debt due within 12 months, capital expenditure and dividends.",
   "reason": "A correction by Annalist; see the corrections of the company (2026-10-28, 2026-10-29).",
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.liquidity_cover/annual/FY2025",
     "value": 5.025220613494168,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_e19905ef",
   "dataset_sha256": "e19905ef2f8abf6388a81ca7fca1f8263bb0fa4b73f7276336c66b04938577e9"
  },
  {
   "seq": 40,
   "company": "adaro-andalan",
   "thread": "corp.beneish_threshold/below_threshold",
   "rule": "corp.beneish_threshold",
   "rule_version": "1.0",
   "claim": "below_threshold",
   "state": "Confirmed",
   "change": "correction",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": -2.18831,
    "unit": "score"
   },
   "band": [
    "abs",
    0.1
   ],
   "strength": 2.18831,
   "text": "The Beneish M-score for fiscal 2025 was minus 2.19, below the model threshold of minus 1.78.",
   "reason": "A correction by Annalist; see the corrections of the company (2026-10-28, 2026-10-29).",
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.beneish_m/annual/FY2025",
     "value": -2.1883100918734506,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_e19905ef",
   "dataset_sha256": "e19905ef2f8abf6388a81ca7fca1f8263bb0fa4b73f7276336c66b04938577e9"
  },
  {
   "seq": 41,
   "company": "adaro-andalan",
   "thread": "corp.credit_band/minimal",
   "rule": "corp.credit_band",
   "rule_version": "3.0",
   "claim": "minimal",
   "state": "Confirmed",
   "change": "correction",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": 0.707909,
    "unit": "x"
   },
   "band": [
    "abs",
    0.0
   ],
   "strength": null,
   "text": "Lease-adjusted debt was 0.7 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 109.2% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.",
   "reason": "A correction by Annalist; see the corrections of the company (2026-10-28, 2026-10-29).",
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.debt_to_ebitda/annual/FY2025",
     "value": 0.7079086387064434,
     "sources": []
    },
    {
     "ref": "ratio/corp.ffo_to_debt/annual/FY2025",
     "value": 109.21224005616482,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_c4aacded",
   "dataset_sha256": "c4aacded5f852afffaa9fe2e06e8cd68431e091966c5544ae0eeea95a3b97137"
  },
  {
   "seq": 42,
   "company": "adaro-andalan",
   "thread": "corp.credit_band/minimal",
   "rule": "corp.credit_band",
   "rule_version": "3.0",
   "claim": "minimal",
   "state": "Confirmed",
   "change": "correction",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": 0.707909,
    "unit": "x"
   },
   "band": [
    "abs",
    0.0
   ],
   "strength": null,
   "text": "Lease-adjusted debt was 0.7 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 107.6% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.",
   "reason": "A correction by Annalist; see the corrections of the company (2026-10-28, 2026-10-29).",
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.debt_to_ebitda/annual/FY2025",
     "value": 0.7079086387064434,
     "sources": []
    },
    {
     "ref": "ratio/corp.ffo_to_debt/annual/FY2025",
     "value": 107.55102040816327,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_8b4835c7",
   "dataset_sha256": "8b4835c735112a1549eb186bf35f081401bf64883e0f6666bafb4764f65988db"
  },
  {
   "seq": 43,
   "company": "adaro-andalan",
   "thread": "corp.free_cash_flow_ttm/positive",
   "rule": "corp.free_cash_flow_ttm",
   "rule_version": "1.2",
   "claim": "positive",
   "state": "Confirmed",
   "change": "wording",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": 548352000.0,
    "unit": "USD"
   },
   "band": [
    "rel",
    0.05
   ],
   "strength": 548352000.0,
   "text": "Free cash flow for fiscal 2025 was US$548 million, and operating cash flow was 1.1 times net income attributable to the company.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.free_cash_flow/annual/FY2025",
     "value": 548352000.0,
     "sources": []
    },
    {
     "ref": "ratio/corp.cash_conversion/annual/FY2025",
     "value": 1.130313873030072,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_8b4835c7",
   "dataset_sha256": "8b4835c735112a1549eb186bf35f081401bf64883e0f6666bafb4764f65988db"
  }
 ]
}